PokéBase - Pokémon Q&A
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I have a copy of Pokémon Y and recently received a shiny Xerneas by trading my Yvetal for it. It’s Individual values are rather suboptimal and I’m wondering if it would be worth trading for a more useable Rayquaza with
better IVs. (Also can a Rayquaza transfered from Y still learn dragon ascent and mega evolve in a later game?) I plan on moving the Rayquaza to a newer game later

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depends what ur using it for
Need more information. ^-^
SylveonFairy2019 is right. There is not enough information here to answer fully.

Shiny Xerneas has much more value than Rayquaza, and hence if you are looking to have rarer Pokémon over stronger Pokémon, choose Xerneas.

Assuming you are right that your Xerneas has not so good IVs and that Rayquaza has good Ivs, Rayquaza has more competitive value, so choose if it you are looking for stronger Pokémon over rarer Pokémon.

It all comes down to that you are using them for.

Also, your end part is not understandable, but Rayquaza cannot learn Dragon Ascent or Mega Evolve in X/Y, because the move nor mega evolutions is programmed to be in the game. However a Rayquaza obtained in X/Y, or transferred from X/Y, will be able to learn Dragon Ascent and mega evolve in the later games.
If there's not enough information to answer, why are you answering?
Because
Great reasoning! Converting this into a comment.

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